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Michigan Legislature
Michigan Compiled Laws Complete Through PA 131 of 2017
House: Adjourned until Tuesday, November 28, 2017 1:30:00 PM
Senate: Adjourned until Tuesday, November 28, 2017 10:00:00 AM

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Act 162 of 1982
Chapter 4

Section 450.2401SectionMeetings of shareholders or members; location.
Section 450.2402SectionAnnual meeting of shareholders or members for election of directors and conduct other business; failure to hold meeting at designated time or elect sufficient number of directors; adjournment of meeting; court order to hold meeting or election; quorum.
Section 450.2403SectionSpecial meeting of shareholders or members; court order; quorum.
Section 450.2404SectionNotice of time, place, and purposes of meeting of shareholders or members; manner; contents; notice of adjourned meeting; notice not given; attendance at meeting; participating and voting by remote communication; meeting without notice.
Section 450.2405SectionShareholder, member, or proxy holder participation in meeting by conference telephone or other means of remote communication; conditions; participation as presence in person at meeting; participating and voting by remote communication.
Section 450.2406SectionChairperson presiding at meeting of shareholders or members; powers, duties, and authority.
Section 450.2406aSectionNotice by electronic transmission.
Section 450.2407SectionTaking corporate action without meeting; consent; notice; statement on filed certificate; consent by electronic transmission; delivery.
Section 450.2408SectionTaking corporate action without meeting; shareholder or member action by ballot; requirements; revocation of ballot; inclusion of proposed action in ballot; statement of certificate.
Section 450.2409SectionTaking corporate action without meeting; voting by shareholder or member at polling place; accessibility; requirements; revocation of ballot; inclusion of proposed action in ballot; statement on certificate.
Section 450.2411SectionRepealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.
Section 450.2412SectionRecord date.
Section 450.2413SectionMaking and certifying list of shareholders or members entitled to vote at meeting or adjournment; requirements; noncompliance; adjournment of meeting; validity of action taken.
Section 450.2415SectionQuorum; continuing conduct of business if less than quorum; adjournment of meeting; shareholders entitled to vote separately.
Section 450.2421SectionAuthorizing person to act for shareholder or member by proxy; election of directors by proxy; validity; revocability; methods of granting authority; use of copy, facsimile, or reproduction.
Section 450.2422SectionIrrevocable proxy.
Section 450.2423SectionRevocability of proxy.
Section 450.2431SectionInspectors at shareholders' or members' meeting; waiver; appointment and duties; failure to appoint; vacancy; report; evidence.
Section 450.2432SectionBeneficial owner of shares or memberships registered in name of nominee; recognition by corporation as shareholder or member; procedure.
Section 450.2441SectionVoting generally.
Section 450.2442SectionVoting as class.
Section 450.2443SectionGrouping of members in local units; basis; purpose; actions authorized by bylaws; incorporation and powers of local units; powers, rights, and privileges of elected representatives or delegates.
Section 450.2444SectionVoting by corporation or business corporation; voting of pledged shares.
Section 450.2445SectionVoting of shares or membership held by person in representative or fiduciary capacity or held jointly by fiduciaries.
Section 450.2446SectionVoting of shares or membership held by joint tenants or tenants in common.
Section 450.2447SectionRepealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.
Section 450.2447aSectionVoting of shares or memberships if owned by another corporation or business corporation.
Section 450.2448SectionRedemption of shares; voting.
Section 450.2451SectionVoting for directors.
Section 450.2455SectionAction requiring vote or concurrence of greater proportion of shares, members, or class than required by act; amendment of articles of incorporation.
Section 450.2461SectionAgreement as to voting rights.
Section 450.2466SectionTransfer of shares or membership to trustee; filing of voting rights agreement; voting and other rights of trustee; inspection of filed copy of voting trust agreement; description of beneficial interests.
Section 450.2467SectionShares or memberships subject to voting trust; liability of trustee; designation of 2 or more persons as voting trustees.
Section 450.2468SectionExtension of voting trust agreement.
Section 450.2471SectionShares as personal property; transfer; applicability of MCL 440.8101 to 440.8601.
Section 450.2472SectionTransfer or registration of bond, share, or membership; written restriction.
Section 450.2473SectionTransfer or registration of bond, share, or membership; imposition of restrictions; conditions.
Section 450.2481SectionRepealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.
Section 450.2485SectionBooks, records, and minutes.
Section 450.2487SectionMailing balance sheet and statements to shareholder or member upon request; inspection during regular business hours; written demand; "proper purpose" defined; order compelling inspection; burden of proof; powers of court; inspection by director; costs; holder of voting trust certificate as shareholder or member; right to inspect prohibited or limited; definitions.
Section 450.2488SectionAgreement among members of corporation.
Section 450.2489SectionCourt action that certain acts illegal, fraudulent, or willfully unfair and oppressive; order or relief; "willfully unfair and oppressive conduct" defined.
Section 450.2491SectionRepealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.
Section 450.2491aSectionDefinitions.
Section 450.2492SectionRepealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.
Section 450.2492aSectionDerivate proceeding; criteria to be met by shareholder or member.
Section 450.2493SectionRepealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.
Section 450.2493aSectionDerivative proceeding; commencement.
Section 450.2494SectionDerivative proceeding; investigation; issuance of stay.
Section 450.2495SectionDerivative proceeding; dismissal.
Section 450.2496SectionDerivative proceeding; discontinuance or settlement; court approval required.
Section 450.2497SectionDerivative proceeding; termination.
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